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Deductions & credits
You can deduct the property taxes as an itemized deduction on Schedule A (subject to the $10,000 limit for state and local taxes) if your property is not "in service". You cannot deduct the mortgage interest on Schedule A whether the property is rented or not. The mortgage interest deduction is limited to your primary residence and a second home. It does not include mortgage interest on investment or rental properties.
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‎February 14, 2024
8:29 PM